Pakistan (PK)

Jurisdiction Overview

IDQuestionAnswer
206 *Is any formal registration required at all? NEITHER: Neither domestic law trusts nor foreign law trusts domestically managed have to register.
 Data Date: 2016

Notes

 
While registration is required, it is not properly enforced: "Wakfs are required to be registered with the civil court […]. Trust contracts are required to be registered with the civil court (s. 5 Trusts Act). [...]. Trust contract also needs to be provided to the tax administration upon its registration."(GF 2016: 38-39, 41). However, due to a low compliance rate and a weak enforcement system, the availability of information cannot be insured: "The tax filing obligations however do not ensure that information is available in all cases as information on settlors and individual beneficiaries may not be provided in all cases and the compliance rate with tax return filing requirement remains about 68%. Information required to be held by trustees is mainly supervised by AML supervisory authorities, however, the supervisory and enforcement system for trustees who are not financial institutions has not yet been set up." (ibid,: 41).
 
As for Foreign trusts: "A Pakistan resident can operate a trust established under foreign law. In such case obligations under the Trusts Act ensuring that trust deed containing identification of the settlor and beneficiaries is kept by the trustee do not apply as has been confirmed by Pakistani authorities" (ibid.: 41).

Sources

GF 2016: 38, 41